Lord Browne to lead $10bn oil and gas group

Lord Browne will be named executive chairman of L1 Energy on Monday, sources
say

Lord Browne, the former chief executive of BP, is to lead a $10bn (£6.5bn) oil and gas group backed by Russian billionaire Mikhail Fridman.

The peer will be named executive chairman of L1 Energy on Monday, sources told The Telegraph.

Upon taking the job, Lord Browne will leave his roles as co-head of Riverstone’s Renewable Energy Fund and chairman of UK shale explorer Cuadrilla.

L1 Energy is looking at possible takeover targets, including companies involved in US shale, east Asia and parts of Europe, claimed the Financial Times, which first reported the news.

The acquistions will be funded by LetterOne Group, the $29bn investment fund run by Mr Fridman. It has already agreed a €5bn (£3.6bn) deal to buy RWE Dea, part of German energy giant RWE, which is set to complete as early as next week.